Are there expenses you can cut now like cable, data plans on phones, etc to preserve your cash?  

This will ensure you are covered. 

What is the best route to ensure that our money is backed/secured - promissory note and mortgate?

Account ClosedMaking a data-oriented case for a market is always a good idea.

Contractors, what do you tell clients, other than contracts, to ensure trust that you will do a good job?

You will need a local broker or appraiser to assist in finding that data, unless you have access to CoStar, Axiometrics or REIS Reports.

@Kaden Prete A bit of a confession; two years ago when this thread started I was in the middle of a research project for an Asian RE fund whose NA HQ was in Vancouver so I had recently looked quite closely at the market to contrast conditions there with the markets we were targeting, thus I had most of that data in hand already.

Do you homework on the county web sites and ensure you are not bidding on useless land such as roads, non buildable lots, etc.  

I recently ordered a list of 4000 absentee owners names and addresses from mellissa data and im hoping some one can shed some light on what step I need to take.

It appears that the prohibitions' main purpose is to ensure that virtually all commissions are kept in Kentucky.